Singapore，February 3, 2023（AseanAll）— The Brunei Darussalam Central Bank (BDCB) and Monetary Authority of Singapore (MAS) reaffirmed the close ties between the two authorities at the fourth BDCB-MAS Bilateral Roundtable, and discussed new areas of collaboration.

At the Roundtable, BDCB Managing Director, Rokiah Bakar and MAS Managing Director, Ravi Menon signed a Memorandum of Understanding (MoU) to deepen cooperation in banking and insurance supervision. 

The MoU will facilitate the effective supervision of banks and insurers operating across the two jurisdictions, including through information exchange and cross border on-site inspections.

BDCB and MAS also exchanged views on recent economic and financial developments,cooperation in sustainable finance to accelerate climate change mitigation and adaptation in ASEAN, as well as developments in Central Bank Digital Currencies and cross-border payments.

Ms Rokiah Badar remarked, “The MOU solidifies existing longstanding relationships between BDCB and MAS in the field of financial sector development and stability.”

Mr Ravi Menon said, “We had a good exchange of views, further strengthening the very good relations between MAS and BDCB.”

About the Brunei Darussalam Central Bank

Brunei Darussalam Central Bank is committed to achieving and maintaining a sound and dynamic financial system through the implementation of measures and execution of financial sector reforms in line with the national economic development objectives. These include ensuring the stability of domestic prices; maintaining the stability of the financial system; by formulating financial regulations and prudential standards; assisting in the establishment and functioning of efficient payment systems and subsequently, to oversee them; and to foster and develop a sound and progressive financial services sector.

About the Monetary Authority of Singapore

The Monetary Authority of Singapore (MAS) is Singapore’s central bank and integrated financial regulator. As a central bank, MAS promotes sustained, non-inflationary economic growth through the conduct of monetary policy and close macroeconomic surveillance and analysis. It manages Singapore’s exchange rate, official foreign reserves, and liquidity in the banking sector. As an integrated financial supervisor, MAS fosters a sound financial services sector through its prudential oversight of all financial institutions in Singapore – banks, insurers, capital market intermediaries, financial advisors and financial market infrastructures. It is also responsible for well-functioning financial markets, sound conduct, and investor education. MAS also works with the financial industry to promote Singapore as a dynamic international financial centre. It facilitates the development of infrastructures, adoption of technology, and upgrading of skills in the financial industry.